JV consolidation strengthens SEACOR Marine’s fleet

By taking full control of SEACOSCO Offshore, SEACOR Marine will consolidate its ownership of eight Rolls-Royce-designed platform supply vessels (PSVs) from COSCO Shipping Heavy Industry (Guangdong) Co, Ltd (CSHI). Six of the PSVs are of UT 771WP design, each with a deadweight capacity of 4,400 tonnes, and two are of UT 771CD design, each with a deadweight capacity of 3,800 tonnes.

Seven of the PSVs were delivered to SEACOSCO in 2018 and 2019, with the final UT 771WP PSV due for completion this year. Each of the UT 771WP-design PSVs is equipped with a battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels’ systems.

SEACOR Marine chief executive John Gellert said the “vessels have proven themselves in the marketplace” and “the majority of the vessels have a hybrid battery system that delivers fuel savings and environmental benefits to our customers.” Added Mr Gellert, “These vessels will be among the most fuel efficient and modern tonnage of the worldwide supply vessel fleet for the foreseeable future.”

By consolidating operating results of the joint venture, Mr Gellert noted that SEACOR Marine would benefit from a net positive from closing the transaction. “Based on the current charters and forward charter commitments for the SEACOSCO vessels,” he said, “we expect the vessels to generate approximately US$7.0M EBITDA for the balance of 2020 and approximately US$18.5M EBITDA in 2021, the first year all the vessels will be delivered and in our fleet for a full year, in each case subject to applicable charterer termination provisions.”

SEACOR Marine has debt secured at ‘attractive terms’ to finance the vessels. Some US$105M for the vessels is still owed to shipbuilder CSHI.

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